Faba bean harvest continues, and barley kicks into gear in the north as well. South of Narrabri early barley crops seem to be 1-2 weeks away from harvest with lots of enquiry on ex-farm barley for prompt pick-up as growers want to move it straight off the header. Prices delivered LPP at the moment for Oct-Dec delivery are in the low $240’s. While this is not exciting too many LPP growers, it is giving Central West growers an option to move into these markets at values above delivered system or Dubbo values. We believe these harvest delivery homes will be covered fairly quickly from Central West tonnes.
In the north, enquiry is still fairly quiet. Anyone with forward sales will look to fulfil these commitments and then make a decision on what to store/sell.
We currently have homes for canola ex-farm and in the system. We have flat-priced contracts with min 38% oil, or full AOF spec contracts. For growers not looking to store on-farm, the preference is AMPS sites for delivery. For growers storing on-farm, there are significant premiums for Jan through to June delivery.
Delivered packer values for high protein grains have softened around $5/mt this week but are still at significant premiums to system deliveries. We urge anyone still considering options for delivery to call us. We have been crunching sums and doing the analysis many times over already this season for growers. In one instance yesterday we worked out that the premium for a particular grade into Narrabri versus a Multigrade price was $60-65/mt. I believe the cash prices for this grade would narrow that gap but is an example of the decisions you need to make to give you the best return.
Mungbean values remain strong with a constant stream of grower selling. These contracts are hectare contracts with no min/max for deliveries. We are also able to supply seed.